12月光伏产业减产，午后光伏涨幅扩大，光伏ETF华夏（515370）上涨1.69%

Core Viewpoint - The A-share market saw a collective rise in major indices, with the photovoltaic ETF Huaxia (515370) increasing by 1.69% in the afternoon, following a significant inflow of over 100 million yuan on December 4 [1] Industry Summary - In December, domestic production of polysilicon decreased by 0.96% month-on-month, while silicon wafer production fell by 15.95%, battery cell production by 12.61%, and module production by 13.58%. This decline is attributed to industry self-discipline and other factors affecting multiple segments of the photovoltaic supply chain [1] - CITIC Construction Investment anticipates that the "price control" measures have led to price increases in the main supply chain since July, with the polysilicon segment turning profitable in Q3. The "volume control" measures are also progressing smoothly with the arrival of the dry season [1] - Current inventory levels for polysilicon across the industry are approximately 460,000 tons, indicating significant pressure. If demand remains flat or slightly declines next year, a further reduction of about 30% in polysilicon production will be necessary to normalize inventory levels by 2026 [1] - Overall, it is expected that the "anti-involution" policy will drive profitability across various segments back to reasonable levels [1] Company Summary - The photovoltaic ETF Huaxia (515370) tracks the CSI Photovoltaic Industry Index, which includes companies across the upstream, midstream, and downstream segments of the photovoltaic industry, such as silicon wafers, polysilicon, battery cells, cables, photovoltaic glass, battery modules, inverters, photovoltaic brackets, and solar power stations, providing a comprehensive reflection of the overall performance of the photovoltaic industry [1]